Yesterday, the UK gas and power markets were closed due to a Bank Holiday, with prices flat this morning

28 May 2024

Yesterday, the UK gas and power markets were closed due to a UK Bank Holiday. On the Dutch TTF market price movements were limited, although upwards in thin trading. The TTF Day ahead market increased by €0.25/MWh, equivalent to a 0.69p/th movement. Carbon too was also moving higher but was once again the volume traded was minimal. On oil, trading again was muted due to the UK holiday and Memorial Day in the US, as Brent Crude prices moved 1% higher.  

This Morning

UK near curve gas contracts have opened in positive territory, following the long weekend, while later dated contracts are yet to trade. The front month contract, which expires on Thursday has opened higher but has since been moving lower, last trading a mere 0.04p/th higher than Friday’s close at 82.15p/th. Only one trade has been completed for winter-24 at the time of writing. The contract exchanged hands at 102.50p/th although the latest bid and offers would indicate that the contract will trade lower when it next executes. On the prompt no Within day or Day ahead contract has traded via the broker exchange, although bid and offers indicate a flat market with the UK system balanced.  Oil too has moved sideways in early trading with OPEC+ expected to announce at its upcoming meeting that it will  keep production at current levels, while counter balancing the market is concern for US interest rates.